Abhyudaya Co-operative Bank IFSC Code:

NEFT and RTGS are two systems of money transfer which have simplified banking in multiple ways. Introduced by the Reserve Bank of India, both these systems have been developed to deliver speedy, efficient, economic and secure transfer of funds from one bank account to another. Abhyudaya Bank offers its customers the service of NEFT and RTGS to transfer money and make payments with ease. Both NEFT and RTGS make use of a unique code known as the IFSC to facilitate the transfer of funds which can be done not only between accounts held with Abhyudaya Bank but also transfer to and from accounts held with other banks which are a part of the NEFT network.

The IFSC is an 11 character alphanumeric code which is essential for making any NEFT or RTGS transaction. This code consists of 3 parts wherein the first 4 characters represent the name of the bank, the fifth character always remains zero and the last 6 characters represent the branch code. So, in this case, for instance, the Abhyudaya Bank Yerwada branch IFSC code is ABHY0065104 where the first 4 characters represent the name of the bank i.e. Abhyudaya Co-op Bank, the fifth character is zero and the last 6 characters represent the branch code.

How to Search for Abhyudaya Co-operative Bank IFSC & MICR Codes?

The IFSC and MICR code for Abhyudaya Co-operative Bank are easily available online and also on cheque books issued by the bank. Every cheque leaf of a cheque book issued by the bank will carry the IFSC code of the issuing branch. Another easy solution to look up the IFSC or MICR codes of any Abhyudaya Bank branch is to go to BankBazaar. The bottom of the website’s main page houses the link labeled ‘Bank IFSC code’ link. Click on the link and you will be taken to another page where you will be required to input information like the name of the bank, the city and district it is located in and the specific branch of the bank that you’re looking for. Once you have input all this information in the drop down selections, you will instantly be provided with the IFSC code, MICR code, branch address and contact details of the branch.

Abhyudaya Bank provides its customers the option of NEFT and RTGS to make quickly and hassle free money transfers. Both these services employ the IFSC code to transfer funds from one account to another.

National Electronic Fund Transfer (NEFT):

National Electronic Fund Transfer or NEFT has been introduced by the RBI to facilitate retail customer transactions. This system is similar to RTGS but in this, the funds are transferred in daily batches. Via NEFT, customers can easily transfer funds across the country to any bank branch or account which is a part of the NEFT network. Currently, there are over 100 banks and more than 82,000 bank branches which are a part of this network. Abhyudaya Bank carries out NEFT transactions in 11 batches on weekdays and in 5 batches on working Saturdays. With the help of NEFT, Abhyudaya Bank customers can easily transfer funds and make payments for any amount to another account held with another bank. In order to make an NEFT transaction, a customer must fill the Fund Transfer Instruction Form which is available at the branch. They must provide all the necessary details like beneficiary’s name, name of beneficiary’s bank and branch, type of account held, Account Number and the IFSC code of the beneficiary’s bank and branch. For anyone who is receiving funds via NEFT must provide the IFSC code of their concerned bank branch, the name of the bank and the branch, type of account held as well as the account number of the person remitting the money. All the above mentioned details are necessary to make any NEFT transfer.

Timings:

Abhyudaya Bank carries out NEFT transactions between 9:00 AM to 6:00 PM on weekdays and between 9:30 AM to 12:30 PM on Saturdays.

Charges:

Amount

Charges per Transaction

Up to Rs 10,000

Rs 2.50/-

Rs 10,001 to Rs 1 lakh

Rs 5/-

Above Rs 1 lakh up to Rs 2 lakh

Rs 15/-

Above Rs 2 lakh

Rs 25/-

Real Time Gross Settlement (RTGS):

Real Time Gross Settlement or RTGS is yet another platform of making electronic payments and making online settlements between banks which has been introduced by the Reserve Bank of India. Instead of making payments via cheques, RTGS allows banks to make payments via online messages which are relayed to RBI’s RTGS Payment Gateway. Unlike cheque clearing, RTGS involves electronic messages which are instantaneous in nature. RTGS is a boon as it allows the money to move much faster, which in turn helps in much faster settlement of transactions, which can now be completed within minutes and the beneficiary can see the funds credited to their account within a time period of two hours. RTGS is also one of the most economical methods of fund transfer. However, RTGS is an ideal payment method for transactions of a higher monetary value. The minimum limit to initiate an RTGS transaction must not be below Rs 2 lakh. Currently, there are more than 100 banks and over 80,000 branches which are a part of the RTGS network across the country. To initiate an RTGS transaction, the payer or remitter of funds must inform his bank to debit his account and consequently credit the beneficiary’s account with the equal amount. Following this instruction, the remitter’s bank will debit his/her account for the specified amount, which will then be credited to the beneficiary’s account via RBI’s RTGS Gateway. In the same way, customers can transfer funds to any bank account or branch which comes under the RTGS network. In order to make an RTGS transaction, customers are required to fill the Electronic Fund Transfer Request Form which is available at the bank branch. They must provide all the necessary details like beneficiary’s name, name of beneficiary’s bank and branch, type of account held, Account Number and the IFSC code of the beneficiary’s bank and branch. For anyone who is receiving funds via RTGS must provide the IFSC code of their concerned bank branch, the name of the bank and the branch, type of account held as well as the account number of the person remitting the money. All the above mentioned details are necessary to make any RTGS fund transfer.

Timings:

All RTGS fund transfer requests will be carried out by the bank between 8:00 AM to 4:00 PM on weekdays and between 8:00 AM to 1:00 PM on working Saturdays.

Immediate Payment Service (IMPS):

Immediate Payment Service, also known as IMPS is yet another economical yet swift platform for making independent retail payments. This service has been introduced by the National Payment Corporation of India (NPCI) and it allows customers to transfer funds in real time to another beneficiary or merchant, for commercial or personal purposes. The IMPS service channel is available to customers to make payments or send / receive funds round the clock, seven days a week and 365 days a year. In order to transfer funds via IMPS, customers will be required to either provide a combination of their mobile number and MMID (Mobile Money Identifier) or their account number and the IFSC code of their bank branch.

Abhyudaya Co-operative Bank was established in the year 1965 as an urban multi-state co-operative banking institution. Headquartered in Mumbai, Abhyudaya Bank currently operates in only 3 Indian states of Maharashtra, Karnataka and Gujarat with a network of 111 branches. The bank offers an extensive range of products and services which include loans, deposits, forex trade, internet banking, mortgages, demat services and more.